Naira Falls On The Parallel Market To N1260/$

Naira Falls On The Parallel Market To N1260/$

The Nigerian naira experienced depreciation in both the parallel market and the official Nigerian Foreign Exchange Market (NAFEM)

The value of the Naira declined on Wednesday, December 13, from N1,220 to N1,260 per dollar on the parallel market on Tuesday.

The naira declined on the parallel market on Tuesday, moving from N1,220 to N1,260 per dollar.

The indicative exchange rate in the official NAFEM increased from N865.03 per dollar on Tuesday to N904.65 per dollar today, signifying a N39.62 depreciation of the naira.

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The official and black market exchange rates diverged as a result, with the official rate being N355.35 per dollar and the parallel market rate being N354.97 on Tuesday.

Tuesday's $99.09 million dollar volume on NAFEM was surpassed by $120.89 million, a 22 percent increase.